8 February 2016 US Equity Insights IFigure 5: Btrn-up 2016E EPS revisions since December 1st •40 Reported a Blended -15% -12% -9% -6% -3% 0% Disc Staples _631% Energy Financials -46 2% Health Care Industrials Tech Matenals Telecom Utilities S&P ex Fin cx. En ex Tech En, Fin. Ex. En, Fin -15% MB. -31% 4.0% -10.1% t1/2 at <enchain Wendell • by asse than Mar mated 40 IS mat Sane Deady aric. gen -30% 0l5% 0.4% Figure 6: Change in btrn-up 4O15 EPS since 9130/2015 (current 4O EPS is blended: actual for reported and consensus for the rest) se -5% -10% .15% -20% .29% -30% -39% t ■ ra i l -1.1% .8% .3 8% 7 1% Sousa /848. 0444•04 awe -180% u. t W X Pagu 4 15% 84 .14.1% .355% 02% a -101% MI Figure 7: Change in btm-up 2015 EPS since 9/30/2015 4% Change r elm-up 2015 EPS since 9/302015 2% 00% 0% -2% 1 8% 8% :1110 .071 )0 1 - .4%. 33% -614 I -8% 14 San. SES. Demmer@ Ant 2% 1e% 1. 02% 0.3% • -3.6% 48% Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0120186 SDNY_GM_00266370 EFTA01459630